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Research Handbook on Asian Financial Law
This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. It considers how reforms following the crises have been critical for the development and growth of the region and explores a broad range of post-crisis financial regulatory issues. This timely book also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region’s potential.
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Critical Acclaim
Contributors
Contents
More Information
This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. Considering how reforms following the crises have been critical for the development and growth of the region, this insightful book explores a broad range of post-crisis financial regulatory issues. It also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region’s potential.
By focusing on the legal frameworks and regulatory models at a national level, this innovative Research Handbook addresses opportunities and challenges for financial markets and convergence in the region. Key topics include the different legal and regulatory approaches to common issues, such as banking regulation and resolution, FinTech, insolvency frameworks and ASEAN financial market integration. Specific regulatory approaches are discussed in relation to areas such as Renminbi internationalization, Islamic banking and finance, shadow banking, crowdfunding, venture capital, derivatives, bond and securities markets. The book concludes with an analysis of the impact of FinTech on regulatory convergence in Asia.
The Research Handbook on Asian Financial Law will be of great value to law students, academics and policymakers working across a diverse range of fields including financial regulation, Asian studies, banking resolution and insolvency.
By focusing on the legal frameworks and regulatory models at a national level, this innovative Research Handbook addresses opportunities and challenges for financial markets and convergence in the region. Key topics include the different legal and regulatory approaches to common issues, such as banking regulation and resolution, FinTech, insolvency frameworks and ASEAN financial market integration. Specific regulatory approaches are discussed in relation to areas such as Renminbi internationalization, Islamic banking and finance, shadow banking, crowdfunding, venture capital, derivatives, bond and securities markets. The book concludes with an analysis of the impact of FinTech on regulatory convergence in Asia.
The Research Handbook on Asian Financial Law will be of great value to law students, academics and policymakers working across a diverse range of fields including financial regulation, Asian studies, banking resolution and insolvency.
Critical Acclaim
‘This is an excellent Research Handbook on Asian financial law and regulation. It brings together 32 of the leading experts in the area examining the subject across 27 substantial and informed chapters. The coverage is extensive. The treatment is sharp and professional. The analysis is deep and balanced. This is a timely and necessary piece of work, especially following the recent crises and instability in Asian and global financial markets and the future potential of the region. This sets a new standard of scholarship in the area and will immediately become the new reference text on this fascinating subject.''
– George Walker, Queen Mary University of London, UK
‘This volume brings together leading experts in Asia-Pacific financial law and regulation, offering distinguishing perspectives from literature focused on the US/EU/UK. Asian financial law and regulation deserves its own platform and this volume is timely and highly valuable to researchers and practitioners alike.’
– Iris H-Y Chiu, University College London, UK
‘This Research Handbook brings together the region’s pre-eminent financial law scholars to analyse the major issues confronting East Asia. It is filled with illuminating and incisive insights across a broad and comprehensive canvas. I commend it to all who are interested in the development of the financial systems in our part of the world. No one could dip into this work without being deeply educated.’
– Ross Buckley, University of New South Wales, Australia
– George Walker, Queen Mary University of London, UK
‘This volume brings together leading experts in Asia-Pacific financial law and regulation, offering distinguishing perspectives from literature focused on the US/EU/UK. Asian financial law and regulation deserves its own platform and this volume is timely and highly valuable to researchers and practitioners alike.’
– Iris H-Y Chiu, University College London, UK
‘This Research Handbook brings together the region’s pre-eminent financial law scholars to analyse the major issues confronting East Asia. It is filled with illuminating and incisive insights across a broad and comprehensive canvas. I commend it to all who are interested in the development of the financial systems in our part of the world. No one could dip into this work without being deeply educated.’
– Ross Buckley, University of New South Wales, Australia
Contributors
Contributors: D.W. Arner, J. Barberis, L. Bromberg, S. Butt, A. Chan, C. Chen, V. Chen, H. Dervan, D.C. Donald, D. Elms, S. Gao, E. Gibson, A. Godwin, S. Han, L.C. Hang, C. Hofmann, I.R. Ibrahim, S. Jensen, S. Kourabas, T. Lindsey, T. Morishita, D. Neo, M.H. Nguyen, I. Ramsay, W. Shen, T. Srinopnikom, S. Steele, N.N. Thani, C.-h. Tsai, W.Y. Wan, C.G. Watters, C. Xi
Contents
Contents:
PART I INTRODUCTION AND CONCEPTUAL FRAMEWORK
1 Introduction to Research Handbook on Asian Financial Law 2
Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen, and Evan Gibson
2 The historical development of financial regulatory principles: influences on
Asia-Pacific systemic supervision 10
Evan Gibson and Douglas W. Arner
3 Trends and theory in financial regulation and regulatory design after the
global financial crisis 30
Steve Kourabas
PART II FINANCIAL REGULATION IN ASIA
4 Financial regulatory models in the Asia-Pacific – a case study in diversity 50
Andrew Godwin
5 Bank resolution 64
Christian Hofmann
6 Networked securities markets: from cross-listing to direct connection 86
David C. Donald
7 Regulation of derivatives in Asia: when technology meets financial
engineering 101
Christopher Chen
8 Internationalization of renminbi: offshore renminbi businesses, offshore
renminbi centres and renminbi’s reserve currency status 122
Wei Shen
PART III FINANCIAL INTEGRATION IN ASIA
9 Understanding ASEAN integration and trade 145
Deborah Elms and Minh Hue Nguyen
10 Cross-border regulation of securities markets in ASEAN 173
Wai Yee Wan
11 ASEAN bond markets: developments and challenges 192
Tir Srinopnikom
12 Consumer financial dispute resolution in a time of increased regulatory
scrutiny 209
Vivien Chen, Andrew Godwin and Ian Ramsay
13 Depositor preference and deposit insurance schemes – challenges for
regulatory convergence and regulatory coordination in Asia 233
Angus Chan, Andrew Godwin and Ian Ramsay
14 Cross-border insolvency in East Asia: cooperation and convergence 257
Casey G. Watters
PART IV COUNTRY STUDIES
15 Anti-‘grey rhino’: prudential regulation and bank resolution in China 274
Simin Gao
16 China’s puzzling banking and shadow banking sectors after the global
financial crisis 293
Wei Shen
17 Macau banking law and financial institutions 315
Leong Cheng Hang
18 Indonesian financial laws: banking, insolvency and taxation 336
Tim Lindsey and Simon Butt
19 The development of Islamic banking and finance: the Malaysian experience 368
Nik Norzrul Thani and Ili Rahilah Ibrahim
20 Financial regulation in New Zealand: optimizing twin peaks 387
Helen Dervan and Simon Jensen
21 Financial consumer protection in Singapore 408
Dora Neo
PART V FINTECH AND INNOVATIVE FINANCE
22 FinTech and its regulation in Hong Kong 431
Douglas W. Arner, Evan Gibson, and Janos Barberis
23 Recent developments of Japanese laws and regulations on FinTech 454
Tetsuo Morishita
24 Lessons from Mt Gox: practical considerations for a virtual currency
insolvency 479
Stacey Steele and Tetsuo Morishita
25 Financial regulation as interagency competition? The saga of venture capital
rule-making in China 499
Sirui Han and Chao Xi
26 Is a bird in the hand worth two in the bush? Reflections on equity
crowdfunding regulation in Taiwan 525
Chang-hsien Tsai
27 Sandboxes and bridges – the impact of Fintech on regulatory convergence
and coordination in Asia 547
Lev Bromberg, Andrew Godwin and Ian Ramsay
Index 569
PART I INTRODUCTION AND CONCEPTUAL FRAMEWORK
1 Introduction to Research Handbook on Asian Financial Law 2
Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen, and Evan Gibson
2 The historical development of financial regulatory principles: influences on
Asia-Pacific systemic supervision 10
Evan Gibson and Douglas W. Arner
3 Trends and theory in financial regulation and regulatory design after the
global financial crisis 30
Steve Kourabas
PART II FINANCIAL REGULATION IN ASIA
4 Financial regulatory models in the Asia-Pacific – a case study in diversity 50
Andrew Godwin
5 Bank resolution 64
Christian Hofmann
6 Networked securities markets: from cross-listing to direct connection 86
David C. Donald
7 Regulation of derivatives in Asia: when technology meets financial
engineering 101
Christopher Chen
8 Internationalization of renminbi: offshore renminbi businesses, offshore
renminbi centres and renminbi’s reserve currency status 122
Wei Shen
PART III FINANCIAL INTEGRATION IN ASIA
9 Understanding ASEAN integration and trade 145
Deborah Elms and Minh Hue Nguyen
10 Cross-border regulation of securities markets in ASEAN 173
Wai Yee Wan
11 ASEAN bond markets: developments and challenges 192
Tir Srinopnikom
12 Consumer financial dispute resolution in a time of increased regulatory
scrutiny 209
Vivien Chen, Andrew Godwin and Ian Ramsay
13 Depositor preference and deposit insurance schemes – challenges for
regulatory convergence and regulatory coordination in Asia 233
Angus Chan, Andrew Godwin and Ian Ramsay
14 Cross-border insolvency in East Asia: cooperation and convergence 257
Casey G. Watters
PART IV COUNTRY STUDIES
15 Anti-‘grey rhino’: prudential regulation and bank resolution in China 274
Simin Gao
16 China’s puzzling banking and shadow banking sectors after the global
financial crisis 293
Wei Shen
17 Macau banking law and financial institutions 315
Leong Cheng Hang
18 Indonesian financial laws: banking, insolvency and taxation 336
Tim Lindsey and Simon Butt
19 The development of Islamic banking and finance: the Malaysian experience 368
Nik Norzrul Thani and Ili Rahilah Ibrahim
20 Financial regulation in New Zealand: optimizing twin peaks 387
Helen Dervan and Simon Jensen
21 Financial consumer protection in Singapore 408
Dora Neo
PART V FINTECH AND INNOVATIVE FINANCE
22 FinTech and its regulation in Hong Kong 431
Douglas W. Arner, Evan Gibson, and Janos Barberis
23 Recent developments of Japanese laws and regulations on FinTech 454
Tetsuo Morishita
24 Lessons from Mt Gox: practical considerations for a virtual currency
insolvency 479
Stacey Steele and Tetsuo Morishita
25 Financial regulation as interagency competition? The saga of venture capital
rule-making in China 499
Sirui Han and Chao Xi
26 Is a bird in the hand worth two in the bush? Reflections on equity
crowdfunding regulation in Taiwan 525
Chang-hsien Tsai
27 Sandboxes and bridges – the impact of Fintech on regulatory convergence
and coordination in Asia 547
Lev Bromberg, Andrew Godwin and Ian Ramsay
Index 569
